Cayuga Selling $14 Million Stake in Bushwick Portfolio to Finish Church Conversion

Developer Cayuga Capital is selling a 90 percent interest in its seven-building portfolio for $14,000,000, the Real Deal reports. The portfolio includes 36 Wilson Avenue, 369 Menahan Street, 1399 Greene Avenue, and 297 and 311 Troutman Street, as well as two ground-up rental developments at 286 Stanhope Street and 184 Noll Street. There are 89 rental units included in the package of properties, all of which Cayuga acquired in the last decade. They’re selling so much property to raise cash for their conversion of St. Marks Church on Bushwick Avenue (pictured) into a rental apartment building with 99 units. David Behin, president of investment sales at commercial and residential brokerage MNS, is representing Cayuga. Further down the avenue, as we’ve reported, Brookland Capital is planning to convert another church into apartments.

Bushwick Trailblazer Looks to Unload Portfolio Stake for $14M [TRD]
Bushwick Church Now Event Space, Soon Apartments [Brownstoner]
Photo by Christopher Bride for PropertyShark

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